VPBank revamps omnichannel banking with SAP; plans new digital bank
Vietnam’s mid-tier banking player, Vietnam Prosperity Bank (VPBank), has implemented a new digital solution, SAP’s Omnichannel Digital Platform.
Omnichannel Digital Platform stems from the Sybase 360 product that came SAP’s way with the acquisition of Sybase in 2010.
The new solution was deployed in one year at VPBank, with online and mobile components for retail customers already live for pilot users. Commercial banking functionality will go live shortly, first for online and then for mobile.
SAP’s solution will replace a legacy in-house development that the bank has been using for eight years.
For middleware, VPBank has completed the deployment of an enterprise service bus (ESB) – IBM Integration Bus. At the back-end, VPBank is a long-standing user of Temenos’ T24 core banking system.
Banking Technology understands that VPBank is now in the process of setting up a standalone digital bank for the underbanked segment. The technology for this venture is being discussed, VPBank’s spokesperson tells Banking Technology.
VPBank is in the process of recruiting a team for the new venture.
Earlier this year, VPBank appointed a new CIO, Igor Mushakov. He moved from Russia, where held senior technology roles at Uralsib Bank, Sberbank and most recently X5 Retail Group.
VPBank uses SAP’s solutions in other areas too, namely for financial consolidation and reporting, planning and budgeting cycle and HR.
Last year, the bank also completed an overhaul of its data management model and set up a new data governance framework. Fintellix, an India-based company that specialises in business intelligence (BI), assisted with the project.
VPBank is currently sitting outside the country’s top ten list, but aims to become one of the top three banks in Vietnam by 2017.